Trade Mercantile Bank Corp - MBWM CFD

About Mercantile Bank Corp.

Mercantile Bank Corporation is a bank holding company. The Company owns the Mercantile Bank of Michigan and other subsidiaries. The Company's bank is a state banking company. Its bank provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. Its bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits. The Company's bank enables customers to conduct certain loan and deposit transactions by personal computer and through mobile applications. The Company's bank also provides courier service to certain commercial customers, and safe deposit facilities are available at its office locations. The Mercantile Insurance Center, Inc., is its insurance company, which provides insurance products, such as private passenger automobile, homeowners, personal inland marine, and such products. The Mercantile Bank Real Estate Co., L.L.C. is its real estate company.

Financial summary

BRIEF: For the fiscal year ended 31 December 2021, Mercantile Bank Corp. interest income decreased 3% to $143.5M. Net interest income after loan loss provision increased 5% to $128.4M. Net income increased 34% to $59M. Net interest income after loan loss provision reflects Securities, tax-exempt increase of 4% to $2.4M, Other interest-earning assets increase of 7% to $933K.

Equity composition

Common Stock no Par, 03/11, 20M auth., 8,597,993 issd., Insiders & Stakeholder owns 17.26%. IPO: 10/29/97, 1,300,000 shs. @ $10.00 by Roney & Co. PO: 8/13/98, 977,500 shs. @ $15.75 by Roney & Co. 04/07, 04/06, 7/05, 4/04, 1/03, 1/02,1/01, 5% stock dividends.